Commbank sustains momentum
The Commonwealth Bank has sustained its momentum despite the controversy surrounding its financial planning business, reporting to the Australian Securities Exchange (ASX) today that its unaudited cash earnings for the three months to the end of September were $2.3 billion.
The big banking group said that statutory net profit on an unaudited basis for the period was approximately $2.4 billion.
Importantly, the bank's ASX announcement pointed to a positive performance by its Wealth Management division with net flows, investment performance and foreign exchange impacts contributing to assets under management growing by 3.5 per cent.
The bank's analysis was that overall business momentum had been maintained.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.
